Philippine National Bank (PSE:PNB) raised 15.7 billion Philippine pesos through an ASEAN Sustainability bond offering.
The offering forms part of the lender's 50 billion pesos bond and commercial paper program, according to a Thursday Philippines Exchange filing.
The debt issue was oversubscribed more than 5.2 times, reflecting strong demand from both institutional and retail investors.
The 10.9 billion pesos Series A Bonds, due 2028, carry an annual interest rate of 5.4877%, while the 4.82 billion pesos Series B Bonds, due 2030, bear an interest rate of 5.7764% per annum.
Proceeds will be used to finance or refinance eligible projects under the lender's Sustainable Financing Framework, it said.